MIAMI, March 30, 2016 (GLOBE NEWSWIRE) -- Ridge Development, the industrial development arm of Transwestern Development Co., has broken ground on a speculative industrial project in Medley, Florida. Airport North Logistics Center is a 182,057-square-foot distribution facility located at the intersection of NW 87th Avenue and NW 90th Street in Miami’s Medley submarket. The facility is slated for completion in September 2016.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ad0317fb-3809-4a6b-a99c-cfbd3b7ea999
“Airport North Logistics Center will be one of the most modern and efficient distribution buildings in Miami-Dade County,” said Steve Kros, executive vice president at Ridge Development. “The Medley submarket is active with new warehouse construction projects, and our development is on target to meet future demand by featuring 32-foot clear height, 54-foot column spacing, ESFR fire protection and ample space for trailer parking.”
In addition to the 32-foot clear ceiling height, the new development will feature a 60-foot speed bay, 235-foot building depth and 43-foot-9-inch by 54-foot column spacing. Additionally, the project will include 46 dock-high doors, two street dock ramps, 72 trailer spaces and additional vehicle parking or outside storage, all within top-quality security fencing.
Transwestern Senior Managing Directors Ben Eisenberg and Walter Byrd, Senior Vice President Thomas Kresse and Senior Associate Carlos Gaviria will be providing leasing services.
“This state-of-the-art facility meets all the ‘wish list’ requirements of today’s tenants,” said Eisenberg. “Despite the nearly 4 million square feet of industrial space delivered in Miami during the past two years, demand has continued to outpace supply. With such strong market conditions and a compelling project design, we anticipate Airport North Logistics Center will be in high demand from the industries driving much of that momentum, including international logistics providers, regional distributors and the aviation sector.”
One of the most active submarkets in Miami, Medley’s 3.6 percent vacancy rate is expected to decline further throughout the year despite new product coming online. The 3.7 million square feet of absorption in Miami’s industrial market in 2015 nearly matches the total amount of new product delivered in the past two years, pushing the overall vacancy to a 10-year low.
Itasca Construction was selected to oversee construction of Airport North Logistics Center.
ABOUT RIDGE DEVELOPMENT
Ridge Development is the industrial development arm of Transwestern Development Co., a diversified real estate developer with expertise in all commercial property types. Ridge is managed by the former principals of Ridge Property Trust. Ridge Development specializes in industrial development and investment in state-of-the-art warehouse, distribution and manufacturing facilities throughout the United States and Mexico. Ridge serves North American clients from five U.S. offices and one office in Monterrey, Mexico. The Transwestern Development and Ridge Development teams have developed, constructed and managed more than 138 million square feet of industrial and distribution space.